I've recently just started my own bookkeeping business and this video was sooooo helpful. Very clear and concise information being communicated in an understandable and easy to retain way! Thank you so much! You've got a new subscriber!
This helped me so much--I'm thinking I may take your course here soon. You're helping me with the brass tacks of running a bookkeeping business in a professional manner. When I was working as a tax associate at an accounting firm, I never had to figure out engagement letters, how to interact with a prospective client, pricing, or really any bookkeeping. I just reviewed spreadsheets bookkeepers would send to the office while I was working on a client return and kept it in the client workpapers file. This is definitely different!
Hi Cristy. So glad to be of help. I totally identify with you. Prior to starting my own business in 2010, I worked as an auditor at an accounting firm and I even did tax returns for 8 months. It was very different.
Thanks Veronica. Very helpful content. I have subscribed to your TH-cam channel. Looking forward to viewing all your videos. Know they will be a huge resource for my work as an INTUIT QBLive bookkeeper.
I'm a new subscriber and love your videos! I can't find one for this question about clean-up. My old bookkeeper years ago posted an A/R payment by debiting cash and crediting sales. leaving an open A/R balance. My books are correct but the A/R Balance show money due from customers. How do I change the A/R balances without write-offs or bad debt?
Hi Fred. If your books are on a Cash basis, you can delete the customer invoice. It will not affect your books on a cash basis. If you don't want to delete the original invoice, or if your books are on an accrual basis, you would need to enter a Credit Memo and map it to the same income account originally used (or to bad debt expense). Then apply the credit memo to the invoice.
Thank you for your videos, Veronica! Would you recommend QBO for personal bookkeeping that includes multiple mortgages, rental properties and investment accounts? I currently have QBO for my business. Thank you 🙏🏻
You could use it to track your mortgages, rental properties, and investment accounts, however, keep in mind that all of those areas require knowledge of accounting principles to record correctly on the books.
You need the last business tax return for 1120S, 1065, and 1120. Part of the cleanup process includes reconciling the Balance Sheet in QBO to the balance sheet on the tax return.
@@5MinuteBookkeeping If we change a QB BS account to MATCH the tax return, what is the opposing entry? What if the a/p balance is wrong, how would that liability be fixed? thanks
I've recently just started my own bookkeeping business and this video was sooooo helpful. Very clear and concise information being communicated in an understandable and easy to retain way! Thank you so much! You've got a new subscriber!
Glad it was helpful, Nicole. Thanks for subscribing.
This helped me so much--I'm thinking I may take your course here soon. You're helping me with the brass tacks of running a bookkeeping business in a professional manner. When I was working as a tax associate at an accounting firm, I never had to figure out engagement letters, how to interact with a prospective client, pricing, or really any bookkeeping. I just reviewed spreadsheets bookkeepers would send to the office while I was working on a client return and kept it in the client workpapers file. This is definitely different!
Hi Cristy. So glad to be of help. I totally identify with you. Prior to starting my own business in 2010, I worked as an auditor at an accounting firm and I even did tax returns for 8 months. It was very different.
Video was so helpful!! Thank you!
I am starting my 1st big clean up tomorrow and I appreciate the tips
Glad it was helpful!
Thanks Veronica for a very informative and helpful con
tent. Manifesting to become a successful
virtual bookkeeper like you
You're so welcome!
Thanks Veronica. Very helpful content. I have subscribed to your TH-cam channel. Looking forward to viewing all your videos. Know they will be a huge resource for my work as an INTUIT QBLive bookkeeper.
Welcome aboard!
This information is gold! Thank you for sharing lots of detail, which will definitely help my business grow
Glad it was helpful, Ned!
Thanks dear Veronica.
You're welcome 😊
Thank you so much, this was helpful.
Glad it was helpful!
Thanks for helping such issue
You're welcome.
this is very helpful! thank you!
You're welcome, Jessa.
Thank you Veronica✅
You're welcome.
1.7.21 Thanks for the information and taking the time to make this video.
You're welcome Chuck.
I'm a new subscriber and love your videos! I can't find one for this question about clean-up. My old bookkeeper years ago posted an A/R payment by debiting cash and crediting sales. leaving an open A/R balance. My books are correct but the A/R Balance show money due from customers. How do I change the A/R balances without write-offs or bad debt?
Hi Fred. If your books are on a Cash basis, you can delete the customer invoice. It will not affect your books on a cash basis.
If you don't want to delete the original invoice, or if your books are on an accrual basis, you would need to enter a Credit Memo and map it to the same income account originally used (or to bad debt expense). Then apply the credit memo to the invoice.
Thanks for making this video, very informative!
Glad it was helpful Tyler!
Very informative video
Glad you liked it.
Thank you for your videos, Veronica!
Would you recommend QBO for personal bookkeeping that includes multiple mortgages, rental properties and investment accounts? I currently have QBO for my business. Thank you 🙏🏻
You could use it to track your mortgages, rental properties, and investment accounts, however, keep in mind that all of those areas require knowledge of accounting principles to record correctly on the books.
Does your paid class explain how to fix the issues?
Hi. Yes, take a look at my cleanup course here bit.ly/5mb_cleanup
Get a 10% discount using discount code tenoff in the checkout.
kindly show steps how to actually clean up QBO while using any QBO account thanks
Hi. If you haven't done so already, take a look at these videos th-cam.com/play/PLtA2Sdap7ZRHJ0jqp7KaArOuvXFbPtp4P.html
can you recommend someone that can cleanup my books? I see you only do shopify clients
Feel free to join my Facebook group and to ask to hire a bookkeeper in the group facebook.com/groups/5minutebookkeeping
Can we hire you in clean up Quick book on line
Hi Robert. I am currently only taking clients who sell on Shopify. If you're a Shopify seller, please visit my website at vmwasek.com
Why do we need the last tax return?
You need the last business tax return for 1120S, 1065, and 1120. Part of the cleanup process includes reconciling the Balance Sheet in QBO to the balance sheet on the tax return.
@@5MinuteBookkeeping If we change a QB BS account to MATCH the tax return, what is the opposing entry? What if the a/p balance is wrong, how would that liability be fixed?
thanks